More and more people are trapped in deep debts nowadays...
By lingli_78
@lingli_78 (12822)
Australia
July 13, 2007 6:20pm CST
whether it is a credit card debt, personal loan, car loan, home loan and so on... the amount is amazing... i'm just wondering why is this so??? in the past, the situation is not as bad as now... is it because of the rising prices of our basic needs??? or people want to live in an extravagant living conditions so they buy what they can't afford??? or are they just being greedy??? or...??? i don't know what is the reason... i'm just concerned because seems to me that we are creating a 'debt' generation... what happens to the 'don't buy something that you can't afford' or 'save up first before you want to buy something' principle??? i think the finance institutions are the one benefiting from our 'credit' attitudes because they will charge us high interest fee... i myself also has a loan (car and home)... but i try my best to finish it as soon as i can as i don't like to have a debt... what is your opinion about this???
1 person likes this
4 responses
@howard96h (11640)
• New York, New York
14 Jul 07
I can see how so many people are in debt, the electric has gone up, cable has increased it's rates, gas prices are too high, some people can't even afford their Rx medications. Everything seems to be going up except most people's salaries. It's no wonder people are getting into trouble. It is true what you say about the banks making out like bandits with the rates they are charging, something should be done about that.
1 person likes this
@lingli_78 (12822)
• Australia
14 Jul 07
well, that's what i mean... we have to suit our lifestyles with our budget and our expenses can't go over our income... when that happens, then that's when we end up to be in debt... i'm fortunate that my company raise my salary recently even though it is not too much... i can really use the extra money... and yes, something has to be done about the interest rates... too bad that we can't really do anything about it... thanks for responding...
@jackli (203)
• China
14 Jul 07
yeah. I have a home loan. and i think the interest fee is high for us. I try my best to pay off it too. but i use credit card too. i just spend some money that i can pay off next month. so that there are no any interest fee. so i enjoy my spending paid by credit card. we deem it as we have the wages ahead of a month. lol.
1 person likes this
@lingli_78 (12822)
• Australia
14 Jul 07
i know what you mean... well, home loan is the only one that i can't avoid it as the price of house is too high here... there is no way i can pay cash for a house... but i also try to live as frugal as possible so that i can have extra money to make extra repayment and reduce the interest... i am hoping to pay off my debts as soon as i can... thanks for responding...
@yanjiaren (9031)
•
21 Jul 07
I agree with you the less debt the better..I would only have a mortgage on a house I think not for anything else. Like today my sister and all her family are going out with her best friend for her birthday. I am not going as I can't at this point afford to spend more money to buy clothes to go out and extra for the evening. I am saving up for my ticket to visit my Husband. So as a far as I am concerned I have to miss out on the fun. On top of that I have to sit and babysit all the kids so for me I do the work and lose out on the fun but I can't at this moment afford otherwise as I had big bills this week.I had to pay my phone bill and also 200 bucks to open an offshore account to be paid by one forex manager next month.
@lingli_78 (12822)
• Australia
24 Jul 07
i totally agree with you... i miss out on a lot of fun as well as i am living on a very tight budget and have a mortgage, car and personal loan... at the moment, we are doing fine and really thank God for that... we believe that our situation will improve... we just have to work hard and be patient and keep our faith in God...
@butterfly39 (3904)
• Philippines
13 Jul 07
I don't earn too much to get involved in different loans, credit cards or something...
We just live in a simple way of living, enough for foods, and expenses for my kids education, and one reason it's a risk to get involve in so many debts when you are not stable, so better live that is suited only for your income...
1 person likes this
@lingli_78 (12822)
• Australia
14 Jul 07
good on you... it is better to live in a simple way that suit our budget... i myself prefer to live in a simple way like that so that i don't have to have debts... thanks for responding...
